David Grundy buys online estate agency

X The Business Desk

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DAVID Grundy, the North West investor, has led a deal to buy an online estate agency business, which he plans to relocate to the region.

His latest venture is MyOnlineEstateAgent, which offers a fixed-fee model and has sold more than £60m worth of property in the last 12 months.

Currently based in High Wycombe, the £400,000 turnover business will be moved to Lancashire over the next week where six jobs will be created.

Mr Grundy, who is a former Manchester office head at Grant Thornton, now has a portfolio career and has invested in several growing SMEs including Omega Sky, the Lancashire business behind Wallsauce.com an online wall murals firm, Knutsford-based SME finance portal FundingStore.com and he is also a non-executive director of AIM-listed Flow Group.

He told TheBusinessDesk: “I see huge growth potential for the business – most people are buying online now, but less than 2% of homes are sold online and I believe this will increase exponentially.

“Myonlineestateagent will benefit from being located next door to Omega Sky in Ribchester – both are technology-based business and there will also be some sharing of management resource too.

“I see it as a really exciting opportunity – a typical high street estate agent will market around 40 properties at any given time, while we have around 250 without the fixed cost of branches.”

He said some of the original founders of the business had re-invested in his new company, while the directors of Omega Sky have invested too.